Can you explain to me what the benefit is of letting the government keep a large chunk of money during the year only to give it to you mid year of the following year. If millenials are having a harder time making it with their paychecks wouldn't it make more sense to get most of that money throughout the year. I would think it would more beneficial for them to have more money in their paychecks to make it easier to afford the day to day costs of living.
That's the problem with Bernie and his ilk....they want to GIVE things away. I don't know why you keep bringing up "baby boomers" or why you believe the government "gave" them anything...I can't speak for everyone but other than my parents, nobody ever "gave" me anything.
I never made the case that I was struggling financially and needed that money on a monthly basis. I know this is maybe not the right post to reply to. I, however, did say that flat out it's just easier for us to not deal with it and pay in more. That's why we do it. Sure we could go figure that stuff out, and all that but we really don't need too at this point in our lives we have a lot of other things going on which we'd rather devote our time to. Also, you're making it sound like 13k is a king's ransom, sure it's a "decent" amount of money, but it's not exactly buying us a house in Cabo either.
Hey man, I know you were not crying "poor mouth" or anything and I don't think Cup was either, but we're just saying that $13K is a nice chunk of change...so instead of coughing up roughly and extra $1100 a month maybe have the payroll people take out something like and extra $500 a month ? That way you'd bring home $7K more while still giving yourself a safe $6K "buffer" with the IRS which you would likely get back as a return anyway.. Just a thought.
I do the same thing....and....I'M A BOOMER! AAAAAGGGHHHH! Fortunately I'm not hurting financially, but I do like to spend money. I'd just rather not get pinged for a big tax bill at the end of the year. It gives me more peace of mind.
I'm not entirely sure what we're going to do this year. Between my normal Job, Freelance work (which has a lot of variance to it), and our own business, it's not always as simple as just going to HR and change the w4. I mostly let my wife handle it, along with a couple of other people I trust, I barely check our bank account I know they've got it under control. I'm not saying you guys are "wrong", you're probably "right", it's just we owed money a couple of years ago we talked about it, and the conclusion we came to is just to pay in more and guarantee were not going to owe.
Tax payers/experts/tax preparers typically know what the tax tables are for the coming year about the same time they're filing their taxes from the previous year...figuring out within reason what the coming year's tax liability will be shouldn't be very hard. Again, it's just a thought...and maybe you could just have a nice sit down with the person in charge of payroll...they're usually very helpful and can make it short and sweet and simple. But then again, you sound like you're doing OK anyway...hey maybe now would be a good time to ask you for a loan?...just FYI, I'm looking for the kind of loan that I don't have to pay back...you know kinda like Trump does?
I dont know what your are offended by, and I cant really control what you take offense to, my intent is to not offend you. Are you offended by being refereed to by your generational tag? Boomers are largely out of touch with the younger generation, and you are proving that you are part of that demographic. If you think its easy for someone under 30 to invest money, while dealing with health care costs, education costs, kids and general life cost then you are out of touch with this generation. Education and health costs are not concerns your generation had to deal with and now your generation is on medicare so they still dont have to deal with it. Living costs have gone up considerably for younger generations also. So when you have savings its easy to say "hey, just take that extra cash and invest it". When you dont have savings and are living paycheck to paycheck you spend whatever money you have just to get by.
nobody wants a give away. Thats just Boomer talk. Funny how most of the people who are against health care 4 all are now on medicare.
it has nothing to do with hurting financially, it merely has to do with someone getting a large chunk of money from you and not having to pay you any interest for that generous loan you are giving the government. If you are financially in good shape, imagine how much more you would have after 5 years and after 10 years if invested properly.
Yes it makes more sense to invest your money than let the government keep it for a year. Can people do that is another question.
and that's bullshit as I certainly don't feel that way. You appear to be anti baby boomers for some odd reason. You do realize that we were also once young? Maybe it might be best not to label people.
It is incredibly tough, I'm sure all generations have had their struggles. My wife and I basically had nothing when we got married, we had crappy jobs with bad hours it was hard... The hardest hurdle we have is healthcare, even with insurance and all that whenever a kid gets sick, or whatever it's always like great there goes a thousand bucks. I have a lot of privileges/blessings whatever you want to call them that helped me to work us out of things, but many people don't have that. I personally have friends who are homeless in Portland and one of them I kinda think it's his fault because he's... nevermind, but most of them like whether it was bad choices or the system, or what they just got wrecked by all the stuff that flew at of them once they left their parents houses. I don't know if other generations of the USA know what it's like to have a decent size portion of your friends all end up homeless because of how expensive everything is.
No, in THIS case that TBF is talking about, it's a question of "WILL" he do it...he certainly has the ability to do so if he chooses to.
...lol...again what's with the "boomer" thing? And yes, Bernie does was to give it away...he can't even account for how the other half of his master plan with be funded.
In my case yes, for others it's much harder. I had a lot of good things go my way that many don't have. I'd say I worked really hard and I did, but a lot of people work hard and for whatever reasons things just don't work out.
I don't think about it, take a witholding rate that is quite high and am delighted when I get my refund every year.
why can't they do it? Like yank pointed out, all you need to do is have a certain amount deducted from your paycheck and routed into an investment account and still have around $2k come back in a tax refund so that you have peace of mind that you won't have to pay at the end of the year. It really doesn't take much discipline. Let's use the $13k refund as an example. That's a little over $1083 per month. Let's take $900 a month and get that back in your paycheck which will be $10,800 at the end of 12 months and then you would still get $2196 in a refund and not have any fear of having to pay any additional taxes but have the larger chunk available for you to use throughout the year whether it means a purchase or investing. It's really very simple and if you are uncomfortable calculating the right amount a small investment in an accountant can likely set it up and not cost a lot.
